Tips for Applying for Student Funding
If you’re likely to be applying for student loans or other forms of financing in order to attend university, make sure you read this article carefully. As with everything else in life there are right ways and wrong ways to go about applying for student loans and other funds.
You’ll find that you’re inundated with all different types of paperwork when it comes to applying for student loans particularly. You must make sure every sheet of paper you receive is stored away carefully so you can always refer back to it if necessary. Once you started receiving the student loan you’ll start to get a yearly breakdown of what you owe – make sure this statement is kept safe for future reference too.
Tips for applying for student loans
When applying for a student loan you need to do it well in advance of your course commencing. If you don’t apply for your loan on time, you won’t receive the money on time. If you don’t get the money on time, you probably won’t be able to afford to attend your first few weeks of university. It’s absolutely essential therefore that applying for student loans is at the very top of your “to-do” list.
You may be required to submit proof of household income when applying for a loan or grant, so make sure you have these documents to hand and ready to submit when requested. You will also need to return a signed copy of the loan declaration in the post too. Remember these things take time and can delay the processing of your loan – so make sure that you act promptly.
Perhaps the best tip is to avoid a student loan if you can. Obviously most people don’t have thousands of pounds lying around to cover the cost of tuition fees and day to day bills. Some people are however lucky to have that kind of money – so if it’s not absolutely necessary, don’t borrow! There’s no such thing as free money, and all student loans must be paid back (although they are wiped after 30 years if any amount is still outstanding). The thing to remember is that loans can be backdated up to 9 months after the start of the academic year – so if you do need to go back and seek the finance, that’s still possible.
There are different types of funding
There are many different types of funding available to people who wish to study at university. Some methods of funding tend to be better than others though. You should aim to borrow through student loans or even family members if at all possible. This is on top of any grants or bursaries that you may be entitled to.
If necessary you might find that a student overdraft is in order. Make sure you go for one of the many 0% overdrafts that’s on offer out there from a high street bank – you certainly don’t want to be paying interest on your overdraft whilst you’re in education with no real means of income.
You should avoid borrowing through things like pay day loan companies and credit cards. These types of debt are very, very expensive and can be a nightmare to pay off. The fact is that there’s more than enough “good debt” options out there – if you budget properly and act sensibly with your money there should be no need whatsoever for you to borrow using a credit card or commercial loan.
These hints and tips should help you greatly when it comes to applying for student loans and other forms of finance.